Abstract: The near threshold $\phi$ meson production in proton-proton and $\pi^- p$collisions is studied with the assumption that the production mechanism is dueto the sub-$N\phi$-threshold $N^*(1535)$ resonance. The $\pi^0$, $\eta$ and$ ho^0$-meson exchanges for proton-proton collisions are considered. It isshown that the contribution to the $pp \to pp \phi$ reaction from the t-channel$\pi^0$ meson exchange is dominant. With a significant $N^*(1535)N\phi$coupling ($g^2 {N^*(1535)N \phi}-4 \pi$ = 0.13), both $pp \to pp \phi$ and$\pi^- p \to n \phi$ data are very well reproduced. The significant coupling ofthe $N^*(1535)$ resonance to $N \phi$ is compatible with previous indicationsof a large $s \bar{s}$ component in the quark wave function of the $N^*(1535)$resonance and may be the real origin of the significant enhancement of the$\phi$ production over the naive OZI-rule predictions.